topic Re: Scores drastically different FICO and FACO in Understanding FICO® Scoring

Scores drastically different FICO and FACO

Anonymous — Fri, 22 May 2015 18:48:53 GMT

About 2 months ago, I refi'd my car from sandanater to cap one. Sandanter was my longest active loan with 17 months. It was closed and Cap one was opened (Sandanter was deleted from a few of my faco scores which hurt my AAA). My FACO scores were all around 640-660, however in the last month, they have tanked to 580. The Sandanter closing is the only thing that has changed. I actually have recieved some CLI's on a few of my CC's (not much) and utilization on them is about 30% (I know it is high and iI need to pay down my cap one cards but that was like that well before my FACO scores fell). My Fico scores have not took much of a hit going down to eq 633, tu 623, and ex 639. I am looking at buying a house June 2016 so I have time to pay off CC debt and gain back AAA history. I have a nice mix of loans with student loans, CC's, and Auto loans and not missing a payment on any of them (missed on old student loans before they were consolidated). Wondering if FACO scores dropping should be a concern for me? Or does it matter in the grand scheme of things? They just look so different FACO and FICO scores. Thanks!

Also, My understanding is that FACO scores are like CK, quizzle, credit.com, CS, etc and lenders do not generally use.

Re: Scores drastically different FICO and FACO

Anonymous — Fri, 22 May 2015 20:08:20 GMT

@Anonymous wrote:
About 2 months ago, I refi'd my car from sandanater to cap one. Sandanter was my longest active loan with 17 months. It was closed and Cap one was opened (Sandanter was deleted from a few of my faco scores which hurt my AAA). My FACO scores were all around 640-660, however in the last month, they have tanked to 580. The Sandanter closing is the only thing that has changed. I actually have recieved some CLI's on a few of my CC's (not much) and utilization on them is about 30% (I know it is high and iI need to pay down my cap one cards but that was like that well before my FACO scores fell). My Fico scores have not took much of a hit going down to eq 633, tu 623, and ex 639. I am looking at buying a house June 2016 so I have time to pay off CC debt and gain back AAA history. I have a nice mix of loans with student loans, CC's, and Auto loans and not missing a payment on any of them (missed on old student loans before they were consolidated). Wondering if FACO scores dropping should be a concern for me? Or does it matter in the grand scheme of things? They just look so different FACO and FICO scores. Thanks!

Also, My understanding is that FACO scores are like CK, quizzle, credit.com, CS, etc and lenders do not generally use.

Nope.

Re: Scores drastically different FICO and FACO

Anonymous — Fri, 22 May 2015 23:27:00 GMT

Any input why it should not be a concern?

Re: Scores drastically different FICO and FACO

Anonymous — Sat, 23 May 2015 00:24:25 GMT

@Anonymous wrote:
Any input why it should not be a concern?

Because nobody uses the scores.

Re: Scores drastically different FICO and FACO

StartingOver10 — Sat, 23 May 2015 00:45:04 GMT

Captool is right - no one uses FAKO scores. In fact, the only scores that are used are mortgage scores when going for a mortgage (FICO 08 is not a mortgage score). You will need to pull your 3 B report here to see your mortgage scores.

FAKO scores have no relationship to FICO scores so ignore them.

FICO mortgage scores can be higher or lower than your FICO 08 scores - a different formula is used so check out your mortgage scores before you apply.

Re: Scores drastically different FICO and FACO

Anonymous — Sat, 23 May 2015 03:11:52 GMT

Will do! Thanks for responding to my questions guys...